Finance For Strategic Procurement, Part I

Learn the procurement finance principles necessary for success


78 student reviews

Do you understand precisely how your procurement work impacts your organization's financial performance? Is a lack of this understanding keeping you from earning the respect you deserve? After all, today's CEO's and CFO's expect procurement professionals to know how their work supports corporate goals and how to communicate in the language of finance.

You can quickly learn the financial principles you need to know for success in procurement today. Our highly personal and interactive online class "Finance For Strategic Procurement, Part I" will help you understand the ways that executives measure business performance and will help you apply this knowledge specifically to your procurement work. Your results will be believed by management and your contributions will be valued like never before!

This online class is part of the two-class "Finance For Strategic Procurement" Series. Part I focuses on understanding financial statements and measuring and communicating a procurement department's contribution to the organization. Part II focuses on how financial decisions are made and evaluating supplier health. You must complete Part I to be eligible to enroll in Part II.

In Part I, you will learn the definitions that are vital to understanding finance, plus...

  • The standards that apply to financial reporting
  • How to create, update, and understand financial statements such as the income statement, balance sheet, and cash flow statement
  • Accounting concepts related to inventory, including the goals sought by senior management and how a procurement department can contribute
  • How negotiated discounts and freight charges are accounted for
  • The difference between direct and indirect expenses
  • How buying or selling on credit terms impact financial statements
  • Why some purchases involve depreciation and how to calculate both straight-line and accelerated depreciation
  • The financial implications of buying and maintaining capital assets
  • How to expertly manage working capital and improve cash flow through smart supply chain management<
  • How to select appropriate payment terms, taking various cash cycles into consideration
  • How to measure a procurement department's contribution to the organization's financial performance, including calculating cost savings and reconciling it with changes in expenses as reported on financial statements
  • Tips for reporting financial impact when purchasing volatile commodities
  • How to apply advanced cost savings reporting concepts, including reporting savings for mid-year deals and contracts where the volume and composition of the agreement changes.

Sign Up For This Class or the Two-Class Series

A great thing about this online class is that you are GUARANTEED to be able to apply what you learn to your work. That's right - your online learning experience is 100% risk-free. If you are not satisfied for any reason whatsoever, let us know within seven days of signing up and you will get a hassle-free refund. But you'll undoubtedly be delighted, just like the thousands of other purchasing professionals we've trained.

Fundamentals of Purchasing "If you are having challenges effectively communicating information bi-laterally with your Accounting Department this course will fine tune the understanding between Accounting and Purchasing. It is no secret that Purchasing and Accounting have their own thoughts on how business should be and actually do run. The Next Level Purchasing Association brings the two departments to the table and explains the verbiage that Accounting speaks and brings clear and concise information into the Purchasing world to better understand what Accounting is really saying and what they mean. Our departments now effectively communicate what the process is and how it applies to the company. We now understand the encrypted language that Accounting is speaking!"

Stephen Davis, SPSM, SPSM2
Sourcing Manager
Atlanta, Georgia, USA

Here's how this online class works. Within 24 hours of signing up, you will receive an email containing a user name, a password, and instructions. After receiving this email, you will be able to begin the class immediately!

That's right – you start the course when YOU want to, not when a schedule demands that you start. You don't have to wait to start transforming yourself into a world-class purchasing professional. You will log into the online classroom through NextLevelPurchasing.com and will be able to access the eight lessons of the class for 60 days.

You can complete the eight lessons of the course whenever you want to, as quickly or deliberately as you would like. There is no specific time that you have to be online. Each lesson takes approximately 30 to 60 minutes to complete. You can stop after doing each lesson or take multiple (or even all) lessons at one time. So for any given time that you choose to log in to the online classroom, you might spend just 30 minutes online (to take just one lesson)or up to eight hours online (if you want to complete the entire class in one sitting). It is all up to you! By participating in these lessons, you will:

  • Read powerful, practical, and easy-to-understand class material
  • Engage in exciting hands-on, interactive, Web-based exercises
  • Listen to optional audio clips of the material
  • Watch optional video summaries of each lesson
  • Take quizzes that provide you with immediate feedback
  • Play a fun mid-term game to reinforce your learning
  • Ask questions of our instructor and get personal responses quickly

By enrolling in this class, you will be on your way to earning your SPSM3® Certification. Finance for Strategic Procurement, Part I satisfies a portion of the requirements towards earning the SPSM3® Certification.

Completing "Finance for Strategic Procurement, Part I" will award you with 8 Continuing Education Hours.* These continuing education hours will satisfy a portion of the SPSM recertification requirements. Click here for more information on SPSM recertification and other continuing education opportunities.

When you complete this class, you will receive a Certificate of Completion! This full-color purchasing certificate is sent to you by postal mail and is suitable for framing. Here's what our certificates look like:

Fundamentals of Purchasing - Purchasing Fundamentals

By completing this course you will also gain access to the Lifetime Purchasing Skills Retention Package, free of charge. The Lifetime Purchasing Skills Retention Package is designed to support a lifetime return of your training investment through skills-sharpening material and services that are absolutely free. This service is available for every full-length course you complete and includes:

  • Monthly retention emails which focus on important course learning objectives
  • Access to a Quick Reference Guide which allows you to review key points on demand
  • Invitations to quarterly review webinars

And if you sign up for this purchasing training class on or before April 30, 2014, you will get all of these bonuses:

  • FREE printer-friendly, PDF version of the class material!
  • FREE Purchasing Performance Measurement spreadsheet template!
  • FREE access to educational Web-audio interviews with supply chain leaders!

The class and all of these bonuses are yours for only $229 (US) per student for just Part I or only $399 (US) for the two-class series. Don't procrastinate and lose out on all of these bonuses.

Need more information? Click here to send us your questions.

Other Online Classes Available:

SPSM Certification Program (6 classes)
Mastering Purchasing Fundamentals
Microsoft Excel for Purchasing Professionals
Supply Management Contract Writing
Powerful Negotiation for Successful Buying
14 Purchasing Best Practices
Savings Strategy Development
Expert Purchasing Management
Professional Purchasing Project Management
Basics of Smart International Procurement
Executing a Global Sourcing Strategy
Finance for Strategic Procurement, Part II
Profitable Inventory Management and Control
Improving Quality in the Supply Chain
Dominando los Fundamentos de Compras
Managing Supplier Performance (FREE Express Course)
Negotiation No-No's (Express Course)
15 Rules For Ethical Supplier Interaction
Secrets of Painless Services Contracting, Part I
Secrets of Painless Services Contracting, Part II
Increasing Your Personal Productivity, Part I
Increasing Your Personal Productivity, Part II
Preventing and Managing Backdoor Selling
How To Plan For Outsourcing Success
7 Critical Steps of Effective Supplier Selection
Procurement KPI's & Business Acumen, Part I
Procurement KPI's & Business Acumen, Part II
Procurement KPI's & Business Acumen, Part III
Procurement KPI's & Business Acumen, Part IV
Tips For Regret-Free Supplier Communication
How To Take Charge of Your Procurement Career
Supplier Development Program Basics, Part I
Supplier Development Program Basics, Part II

*Participants who successfully complete this program will receive the specified number of hours of continuing education. They may be applied toward Next Level Purchasing's SPSM Certification program requirements as well as ISM C.P.M. recertification and/or A.P.P. reaccreditation program requirements. ISM's consent to provide a program number for this educational event is not an endorsement of this program or its content by ISM.

** Amazon.com is not a sponsor of this promotion. Amazon, Amazon.com, and the Amazon.com logo are registered trademarks of Amazon.com, Inc. or its affiliates. Amazon.com gift cards are issued by ACI Gift Cards, Inc. Restrictions apply to Amazon.com gift cards. Gift cards are redeemable only for purchases of eligible products on www.amazon.com and may not be redeemed for cash, unless prohibited by law. See www.amazon.com/gc-legal for complete terms and conditions. Next Level Purchasing will send your Amazon.com gift card by email approximately 8-12 days after you enroll.